Jan. 27--For a second month, home prices in the Chicago area lost more ground than those in any of the 20 housing markets in the S/Case-Shiller home price index.
In November, local home prices fell 1.1 percent, after a 1.1 percent decrease in October, according to the widely watched index, released Tuesday.
The third consecutive monthly decline meant that local home prices in November were up only 2 percent from a year earlier, putting them on par with their pre-crash performance in March 2003, according to the index.
Still, that's better than the year-over-year gains in Minneapolis, New York, Phoenix, Cleveland and Washington, D.C.
Combined, the 20 cities posted an annualized gain of 4.3 percent in November, compared with 4.5 percent year-over-year in October.
The slowdown in home price appreciation was expected by housing analysts, who have said a return to more normal prices is a sign of a stabilized market.
mepodmolik@tribpub.com
Twitter @mepodmolik
